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Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
 Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil prices over the past couple of months. With Iranian oil out of the picture for many of the main importers, Saudi Arabia and the rest of the OPEC countries have already started to gradually increase their output to cover the demand gap, said Yiannis Vamvakas, Research Analyst of Allied Shipping.
However, he further noted that, these plans were disrupted by a footnote in these most recent sanctions, which stated that several countries (including China, India and Japan) are allowed to continue importing oil from Teheran for a limited time period, but without any specified limitation in the imported volume. It is worth mentioning that China is the biggest importer of Iranian oil. This would essentially leave Iranian production levels to approximately 1.1 million bpd in November and to even higher figures in December. In addition to this, competition from other countries has intensified. Russia has raised its output during the previous months (11.41 million bpd in October), and with further growth being planned for 2019. At the same time, US production is expected to reach to 10.7 million bpd by the end of the year and is set to increase by another 250,000 bpd in 2019. As a result, Brent oil prices, which had reached a four-year high of $86 a barrel in October based on tight supply concerns, have slid back down to $67 now, losing around 21% within a month.
Allied weekly research report further said, with a supply glut on the horizon, Saudi Arabia is now considering proceeding, together with the rest of OPEC members, to an output cut of about 1.4 million bpd, even though Washington asserts that the provision of waivers is a temporary measure. Another interesting aspect of the Iranian sanctions is the possible decision by Teheran to maintain production numbers at high levels, even after the waiver program expires, and use some of the domestic VLCC fleet as floating storage. With a considerable portion of the Iranian tanker fleet out of the picture, market participants can expect a positive impact on the demand for the rest of global tanker fleet despite reports that there are already around 14 inactive Iranian VLCCs.
Moreover, Yiannis Vamvakas said, it is worth mentioning that the average haul should increase, adding further support for freight rates. China will turn its focus to other oil sources with West Africa and Brazil being most likely candidates, increasing the average ton-mile demand significantly. Other Far Eastern countries that are currently under the US waiver program will also change their import business partners with the US being an additional option. However, here we should mention that despite the continuing dredging that takes place in the US Gulf ports, fully loaded VLCCs are still unable to call the majority of ports there.
Freight rates in the crude oil market have already picked up over the past couple of weeks, with the Iranian sanctions being an important factor. Beyond this however, with the northern hemisphere enter into its winter period, the seasonal increases in oil demand that typically take place have also played a significant role in this most recent rally. The Paris-based International Energy Agency (IEA) announced in their latest monthly report that its forecast for global demand growth for 2018 and 2019 have remained unchanged from last month. With some volatility being anticipated due to uncertainty in the oil market, market participants are expecting the positive sentiment to continue for the rest of 2018, as well as the first quarter of 2019. However, with the rate of deliveries expected to be seen within 2019 this current upward momentum trend may well end up being curbed significantly in the long run.
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Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
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